Answered: 1. A businessman deposited P 15, 000 in…

1. A businessman deposited P 15, 000 in the bank for 5 years. How much can be withdrawn if the interest is charged at 12% per year simple interest?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. A businessman deposited P 15, 000 in the bank for 5 years. How much can be withdrawn if the interest is charged at 12% per year simple interest?

2. Dr. Malabago borrows P100,000 from a loan firm with a rate of simple interest of 15%, but the interest was deducted from the loan at the time the money was borrowed. At the end of one year he has to pay back P100,000. What is the actual rate of interest?

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